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Terra LUNA Classic (LUNC) 1.2% Tax Burn Goes Live

Mark Brennan
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Terra LUNA Classic (LUNC) 1.2% Tax Burn Goes Live

 

The 1.2% tax burn is here.


reXx Member of the Terra Rebels announced the update:

 



After weeks of anticipation and excitement, Terra Classic’s tax parameter change goes live. Consequently, users will be charged a 1.2% tax on all on-chain transactions, with the collected fees sent to the Terra burn wallet to bring down the excess LUNC supply.

Notably, this tax rate is set to run till the total LUNC supply drops to 10 billion tokens. To put things in perspective, the current LUNC supply sits at about 6.9 trillion. To achieve this goal, the asset supply will have to be reduced by 99.82%.

It bears mentioning that in a previous analysis done by The Crypto Basic, considering user opinions, it will take about a decade for the LUNC supply to be reduced to 40 billion at a burn rate of 1.2%, provided volume can be maintained and price can be kept low. Notably, based on this analysis, with a hypothetical market cap of $40 billion, the asset may be able to clinch the $1 price point within seven years. Notably, using this same hypothetical market cap and a 10 billion supply on The Coin Perspective reveals that the asset quadruples this price projection and could clinch the $4 price point.

However, it will be interesting to see how the network will continue to keep volume high while keeping the price low even as supply reduces. As highlighted by LUNC Burn, an unofficial Twitter account tracking LUNC burn activity, hours before the burn went live, about 4.1 billion LUNC had been burned without the parameter change. It will be interesting to see how this number changes over time.

Notably, the token ranks 3rd by 24-hour trading volume on Binance, with $210 million at press time.

Meanwhile, two more trading platforms pledged support for yesterday’s 1.2% tax burn proposal with two very different implementations. While Crypto.com will charge only deposits and withdrawals, eToro may also apply it to off-chain transactions (Trading), splitting the tax rate among buyers and sellers by adding a 6% charge on top of their standard 1% tax for both parties.

 

At press time, LUNC is trading at the $0.0003036 price point, 0.55% lower than in the last 24 hours.

eToro Supports Terra LUNA Classic (LUNC) 1.2% Burn, Looks Set To Implement Burn On Trading

Mark Brennan
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eToro Supports Terra LUNA Classic (LUNC) 1.2% Burn, Looks Set To Implement Burn On Trading

eToro Pledges Support For The Terra LUNA Classic (LUNC) 1.2% Burn Proposal.



eToro will apply tax to trading activities in a unique way.

Popular trading platform eToro, in a pinned post shared yesterday on the LUNC trading page, disclosed that it would be implementing the 1.2% tax burn on trading activity.

eToro based in Israel is known as a global multi-asset investment exchange that provides trading facilities in stocks, forex, crypto, etc.

Notably, following the tax parameter change, buyers and sellers will pay a 0.6% fee, respectively, on top of the standard 1% fee on the trading platform. As such, both parties share the 1.2% tax equally. It bears mentioning that eToro’s implementation of the burn on off-chain transactions is a welcome development for the community as several other exchanges have restricted the implementation to only on-chain transactions (deposits and withdrawals).

Notably, trading activity on exchanges commands more volume than on-chain activities. Consequently, exchanges’ implementing the tax on off-chain activities significantly improves the effectiveness of the burn initiative to reduce the LUNC supply.

“The tax and burn mechanism affects the operating costs associated with our offering of LUNC. As such, as of Sept 20, an operational fee of 0.6% will be added to eToro’s bid and ask prices for LUNC, on top of the standard 1% fee that is calculated when buying or selling crypto assets on eToro,” the firm writes in its post.

Unsurprisingly, the response to the development was positive as a member of the Terra Rebels, a group dedicated to Terra Classic network development, reXx took to Twitter to share the news. Several users welcomed the development as good news, hoping other platforms like Binance would take a cue from them. Additionally, users are beginning to seek out the platforms that are implementing the 1.2% tax burn on off-chain activities. As a result, we are likely to see an influx of LUNC investors and traders to these platforms.

 

Yesterday, leading crypto exchange Crypto.com also pledged support for the tax burn. However, unlike eToro, it restricts it to only deposits and withdrawals.

The tax parameter change is expected to go live moments from now after weeks of anticipation. The proposal plans to reduce the LUNC supply to 10 billion tokens in a bid to improve the asset’s value after the Terra ecosystem collapse in May saw it crash to zero.

It is currently trading at the $0.0003023 price point.

Philippines-Based I-Remit Advances Its Use of Ripple’s On-Demand Liquidity (ODL) Solution for Internal Treasury Payments

Lele Jima
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Philippines-Based I-Remit Advances Its Use of Ripple’s On-Demand Liquidity (ODL) Solution for Internal Treasury Payments

The company has expanded its use of Ripple’s ODL after experiencing the potential of the payment solution.


I-Remit, a Philippines-based non-bank remittance service provider, has announced that it has expanded its use of Ripple’s On-Demand Liquidity (ODL) solution to enhance its cross-border treasury flow.

According to a recent announcement made by Ripple, I-Remit is among the early adopters of ODL and has been using the payment solution for cross-border remittances in real-time into the Philippines since 2018.

Following its adoption of Ripple’s ODL in 2018, I-Remit had first-hand experience of the potential of the payment solution into one of the largest remittance destinations globally and has chosen to expand its use of ODL.

I-Remit New Use Case for Ripple’s ODL

I-Remit will use the ODL solution to improve its internal treasury management for maximum efficiency this time. It is noteworthy that internal treasury payments face the same challenge as cross-border settlements under the traditional banking system.

Using ODL for treasury payments now allows I-Remit to get steady access to liquidity to meet their funding requirements, thus allowing settlements to be made on the same day. The announcement adds that the fund required for funding destination accounts can be used to scale the company’s operations in their overseas subsidiaries.

Ripple writes:

“By leveraging ODL for treasury payments, I-Remit is now able to get 24/7, all year round access to liquidity for their funding requirements, thereby enabling same-day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of their overseas subsidiaries and support its partners.”

Growing Demand for Ripple’s ODL Solution

Meanwhile, Ripple has continued to record a growing interest in its On-Demand Liquidity solution. Ripple announced in its Q2 2022 financial report that ODL demand spiked so high that it prompted the Silicon Valley tech company to purchase XRP from secondary markets to meet these demands.

The growing interest in ODL solutions has seen billions of XRP shuffled between Ripple’s On-Demand Liquidity partners like Bitstamp and unknown whales.

“Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems,” said Brooks Entwistle, Senior Vice President and Managing Director at Ripple.

Brooks added that Ripple is excited to expand its partnership with I-Remit to help the company bridge liquidity gaps.

Ripple vs. SEC: While XRP Rallies, Attorney Deaton Says There Will Be No Settlement in The Next 2 Months 

Lele Jima
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Ripple vs. SEC: While XRP Rallies, Attorney Deaton Says There Will Be No Settlement in The Next 2 Months 

Deaton does not believe a settlement in the lawsuit is feasible in the next two months.

The Ripple vs. SEC lawsuit has been ongoing for more than one year, with the events wreaking havoc on the price of XRP. Ripple enthusiasts have continued to seek answers to know when the lawsuit may likely come to an end. While some legal experts suggest that the Ripple vs. SEC lawsuit may be concluded on or before March ending 2023, others have hinted at the likelihood that the class action may end sooner than expected via settlement. 

However, attorney John Deaton, the lawyer representing over 72,000 XRP holders in a class action against the SEC, does not see a settlement coming in the next two months. 

Attorney Deaton’s comment comes following the widespread inquiries by XRP holders to know whether a settlement is around the corner. 

“Many are asking about a settlement in the Ripple case. Some take everything they view as unusual as a sign of settlement (like Saturday’s filings),” Deaton said in a recent tweet, adding: “It’s not. Sorry, but I don’t believe there will be a settlement w/in the next 2 months, if ever. After the rules, we’ll see.” 

Deaton went on to say the comment is his opinion and should not be taken to heart because there is a possibility that he may be proven wrong at any time. 

“I will welcome [a settlement] if it is in #XRPHolders’ best interests,” attorney Deaton added. 

Deaton’s Previous View About A Settlement 

This is not the first time Deaton will be commenting on a settlement in the Ripple vs SEC lawsuit. As reported by TheCryptoBasic, Deaton noted that if the SEC is compelled to surrender the drafts of William Hinman’s 2018 speech, the commission might be prompted to settle with Ripple rather than surrender the documents.  

XRP Records Huge Growth in Social and Market Activity

Meanwhile, XRP has been recording interesting feats since the parties filed their summary judgment motions over the weekend. The price of XRP is currently changing hands at around $0.415, up 16.2% in the last 24 hours. 

According to data shared by cryptocurrency social intelligence platform LunarCrush, XRP is ranked first out of the top 3,891 cryptos based on relatively combined social and market activity. Over the last 24 hours, XRP’s social engagement hit 29,421,599, while its social volume surpassed 9,566. 

Cogito Protocol To Use Cardano Djed As a Treasury Reserve for Its Stablecoins

Lele Jima
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0
Cogito Protocol To Use Cardano Djed As a Treasury Reserve for Its Stablecoins

COTI announces yet another partnership for Cardano’s stablecoins.


COTI, a DAG-based layer-1 protocol and the official issuer of Cardano stablecoin Djed, has announced yet another partnership for the algorithmic stablecoin. According to a Medium blog post today by COTI, Cogito Protocol is the latest firm to indicate interest in Cardano’s Djed.

“We are pleased to announce another Djed partnership, this time with Cogito Protocol, a spin-off from SingularityNET, a multichain, decentralized AI platform,” COTI said in an announcement.

 

Per the announcement, Cogito Protocol will explore the possibility of launching stablecoin trading pairs between Cardano’s Djed and its tracercoins, a new class of digital currencies. Furthermore, Cogito will also be adding Djed to its treasury reserve in a bid to shield the value of Cogito’s stablecoins from fluctuating.

Commenting on the development, Cloris Chen, Cogito’s CEO, said the company partnered with COTI to use Djed because it has been following the development of the stablecoin for years.

“We have been following Djed’s development for a long time. This partnership showcases the collaborative and inclusive nature of Cardanoland, and together,” Chen said.

Growing Adoption of Cardano’s Stablecoin

It is noteworthy that the development suggests a growing interest in Djed by top Cardano-related projects. Since COTI was chosen as the official issuer by the Cardano development team, the DAG-based layer-1 protocol has collaborated with top companies to foster the widespread adoption of the stablecoin.

As reported by TheCryptoBasic, COTI inked partnership deals with five companies for Djed in just one month. Some of the companies that have indicated an interest in Djed include Wingriders, Trading Trent, Kirkstone, Iagon, Thrift, Astarter, and Cardano Warriors.

“This partnership, along with some of the previous ones we have announced, will ensure the proper utilization of Djed across the entire Cardano ecosystem and create an increased use-case for it across multiple platforms,” COTI noted.

Despite Being On The Run, Terra (LUNA) Founder Transfers $250k Worth of USDC to an Unknown Wallet

Albert Brown
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Despite Being On The Run, Terra (LUNA) Founder Transfers $250k Worth of USDC to an Unknown Wallet

 

Do Kwon just moved $250k worth of USDC to a strange wallet a few days after a South Korean court issued a warrant for his arrest.


Do Kwon, founder, and CEO of now-defunct Terraform Labs, has recently found himself under the heat of the law. Following the Terra debacle in May, the 31-year-old software developer came under fire for his approach to handling the situation. Notwithstanding, there was never an official warrant for his arrest until recently.

Now, recent reports show that the Terra boss is secretly moving his funds, as proponents believe he needs to bankroll his “life on the run.” The development was highlighted by a Blockchain advocate and Assistant Professor at Hansung University, Jaewoo Choo. 

“Do Kwon just moved 250k USDC to a mysterious account,” Choo said in a tweet Tuesday, sharing the transaction details.

 

Per data from etherscan, the address 0xda44200196cfb3416bf011eed608f354804337ba, which belongs to Kwon, transferred a whopping $250k worth of USDC to an unknown wallet on Tuesday by 7:47 AM (UTC).

Following the transfer, the wallet has a balance of over $31M worth of USDC and ETH as of press time. The transaction has sparked reactions in the crypto community, with renowned Terra informant FatMan being the most vocal of the bunch.

“Life on the run must be demanding. Are his main accounts being monitored?” FatMan said, commenting on the development. He further highlighted the fact that the wallet still has over $30M as a balance, informing the community that Do Kwon is not as poor as he has made everyone believe.

 

 

“To be clear, this is just one wallet and a personal wallet at that. The vast majority of cashouts happened through TFL-denoted accounts, not shadow wallets, so this amount is likely a drop in the bucket,” FatMan added.

Recall that Do Kwon noted that he lost almost all his money in the Terra debacle in an interview with the Wall Street Journal in late June. Before the WSJ interview, Kwon mentioned that he bet big and lost in the Terra project in his first-ever interview following the Terra collapse. 

His wallet balance and FatMan’s recent allegations suggest that Kwon might have more to his name than he is letting the public believe. Additionally, the recent need for money has fueled the belief that he might be on the run.

As previously reported by The Crypto Basic, South Korean authorities debunked Kwon’s claims of cooperating with them. According to the authorities, the Terra boss, who the Singapore police confirmed was no longer in the country, is currently on the run from the law. These remarks follow Kwon’s claims that he is willing to cooperate with the relevant authorities.

Following the arrest warrant issuance on September 14, South Korean prosecutors have kept their eyes out for Do Kwon. As part of the efforts to get him, the prosecutors have requested a red notice alert from Interpol for Kwon.

Mike Novogratz Says Gold and Bitcoin Will Both Win “If Feds Revert Rates” 

Mark Brennan
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Mike Novogratz Says Gold and Bitcoin Will Both Win “If Feds Revert Rates” 

Novogratz backs both gold and Bitcoin in a recent interview.


Following the rapid growth of inflation, investors have been considering which asset is the best inflation hedge. While many investors have thrown their weight behind Bitcoin, others still see gold as the ideal financial instrument. 

Mike Novogratz, the CEO of Galaxy Digital, recently commented on the debate on whether Bitcoin has replaced the world’s precious yellow metal, gold. In a CNBC interview, Novogratz was asked by Joe Kernen to comment on whether cryptocurrencies, especially Bitcoin, have replaced gold in respect to which asset class is a better store of value. 

“At least Bitcoin is at $18,000. Gold is at $1,600. Has gold been replaced by crypto?” Kernen quizzed Novogratz. 

Novogratz’s Response

Responding to the question, Novogratz did not heavily throw his weight behind Bitcoin as he has always done. Instead, he believes both Bitcoin and gold will win amid the rising inflation if only financial authorities and the government revert [interest rates].

“… In the long run, gold will win, and bitcoin will win if central banks and governments revert back.”

According to Novogratz, government authorities are already being pressured to stop hiking rates due to its impact on various assets like cryptos.

For Novogratz, things may get worse if the president appoints a Treasury Secretary that may make everyone “scratch their heads.” 

“We put smart and confident people in [the Treasury Department]. The moment we put a politician in one of those spots, then it is all over,” Novogratz said. 

Novogratz Support for BTC

Novogratz has been a strong supporter of Bitcoin and has always thrown his weight behind the emerging asset. In June, Novogratz said Bitcoin would lead the global financial markets back out of the Fed’s tightening cycle. 

However, since Novogratz commented, Bitcoin has been struggling and is currently below $20,000. At press time, Bitcoin is changing hands at $18,931.

Crypto.Com Confirms Support For Terra Classic (LUNC) 1.2% Tax Burn

Mark Brennan
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Crypto.Com Confirms Support For Terra Classic (LUNC) 1.2% Tax Burn

 

Crypto.com becomes the latest top exchange to add support for Terra Classic (LUNC) 1.2% Tax Burn.


The LUNC 1.2% tax burn is Scheduled at block 9,475,200, expected to be on 20 Sep 2022, and will be supported by the exchange.

According to the exchange, the burn will only be implemented on the deposits and withdrawals as per the burn proposal. The burn will not be implemented on LUNC trading on CryptoCom.

The exchange writes:

  • “Deposits: Transactions will be taxed by the Terra Classic network before it reaches Crypto.com. The balance will be credited to your Crypto.com account after the 1.2% tax deduction by the network.
  • Withdrawals: Users will receive the withdrawal amount minus withdrawal fees charged by Crypto.com and the 1.2% tax deduction by the network.”

Following CryptoCom support, the number of exchanges willing to implement the tax burn now sits at ten. These exchanges include Binance, KuCoin, MEXC Global, Lbank, Huobi, Bitrue, Gate.io, CoinInn, and Kraken.

Out of these, only Kucoin, MEXC Global, and CoinInn will support burns on LUNC trading.

MEXC Global Concludes Terra Classic Burn Event, With Over 466M LUNC Destroyed

Lele Jima
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0
MEXC Global Concludes Terra Classic Burn Event, With Over 466M LUNC Destroyed

MEXC incinerated 466 million LUNC acquired via LUNC spot trading fees.



Leading cryptocurrency exchange MEXC Global has concluded the burning event for the spot trading fees of Terra Luna Classic (LUNC) pairs, LUNC/USDC and LUNC/USDT. The event, which started on September 3, 2022, finally ended on September 17, 2022. 

“As the first CEX to support the burn tax proposal from the Terra Classic (LUNC) community, MEXC has burnt the spot trading fees of LUNC generated on the platform according to our time-limited burn event,” MEXC said in a statement. 

Throughout the burn event, MEXC Global destroyed a total of 466,330,428.18 (466.33 million) LUNC tokens, which were accumulated from the spot trading fees of the cryptocurrency. 

At the current exchange rate, the LUNC tokens destroyed by MEXC Global were worth $138,504. In a recent blog post, the leading crypto trading firm said: 

“MEXC concluded the burning event for spot trading fees of LUNC/USDT and LUNC/USDC.” 

Mexc global LUNC burn event Completed
Mexc global LUNC burn event Completed

 

The 466 million LUNC tokens were obtained from the trading fees of LUNC trading pairs, with a 0.2% trading fee attached to takers. 

Notably, the LUNC spot trading fees generated for each day were burnt the following day. The largest spot trading fees for LUNC were gotten on September 6, 2022, and burnt the following day. Per the transaction details, a total of 71,023,573.19 (71 million) LUNC were destroyed by MEXC on September 7, 2022.

MEXC Contributions to LUNC Burns

It is noteworthy that MEXC is among the cryptocurrency exchanges seeking to help LUNC investors revive the value of the cryptocurrency. 

MEXC has already declared that it will support the 1.2% tax burn of LUNC once the proposal is implemented on the Terra Classic network’s mainnet. The 1.2% tax burn will go live on September 21, 2022, or at a block height of 9,475,200. 

However, before the exercise, MEXC launched a time-limited burn program for LUNC, an event launched to contribute to Terra’s community burn effort.

Over 580 Million XRP On The Move As Ripple Shifts 50M Coins

Mark Brennan
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Over 580 Million XRP On The Move As Ripple Shifts 50M Coins

Over 580 Million XRP Shuffled in 24 Hours Among Ripple, Exchanges, and Unknown Wallets.


 

Large volumes of XRP have continued to be transferred among Ripple, unknown whales, and popular cryptocurrency exchanges.

Over the last 24 hours, cryptocurrency whale tracking service Whale Alert disclosed that 581,357,954 (581.35 million) XRP had been shuffled by Ripple whales. At the current exchange rate, the XRPs were worth $221.8 million.

Roughly three hours ago, 50 million XRP worth approximately $18.74 million was transferred from Ripple to an unknown wallet.

Whale Alert observed the movement of 35 million XRP (appr. $13.26 million) from an address on the Bittrex exchange to an unknown wallet.

Ripple’s On-Demand Liquidity partner Bitstamp was involved in the latest round of large XRP movements. Per Whale Alert’s data, 39,724,954 worth around $15.2 million were transferred from Bitstamp to an unknown address.

In a similar development, 26.6 million XRP were also transferred from another Ripple’s On-Demand Liquidity partner Bitso to an unknown wallet. At the time of the transaction, the XRP coins were worth $10.29 million.

 

In a reverse transaction, 30 million XRP coins were seen leaving an unknown wallet to Bitso nine hours ago. The funds were worth $11.48 million at the time of the transaction.

Furthermore, an anonymous whale transferred $13.41 million worth of Ripple coins (35 million XRP) to a Bitstamp address.

A whopping 150 million XRP were sent from one unknown wallet to another. An hour later, Whale Alert also tracked the movement of 150 million XRP to an unknown wallet from FTX.

A total of 30,033,000 XRP were seen leaving Bitstamp exchange to FTX, while 35 million XRP ($13.04 million) were sent from an unknown wallet to Bitstamp. 

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